It happened around 2:35 p.m. in the 2300-block of the Ben Franklin Parkway.
While the location of the shooting is along the parade route, the parade had passed by that location about an hour beforehand.
A 27-year-old woman was shot in her left leg, and a 20-year-old woman was shot in the upper left thigh.
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Both women were taken to the hospital, and remained stable.
Police say no crime scene has been located, no weapon has been recovered and no arrests have been made.
Anyone with information is asked to contact Philadelphia police at 215-686-TIPS (8477).